As discussion of the so-called Buffett Rule continues, one thing remains clear: many Americans agree with President Barack Obama’s assertion that households earning more than $1 million a year should pay at least a 30% tax rate.
A Gallup poll released today showed 60% of Americans favored the proposal, while only 37% were opposed to it. Along party lines, 74% of Democrats approved of it while 24% disapproved, while Republicans opposed the rule by a 54-43% ratio. Independents, though, favored the proposal by a 63-33% margin.
The elephant in the room, of course, is that the bill containing this proposal, the Paying a Fair Share Act, has little chance of getting past the Republican-led House of Representatives. Much like the recently passed Ryan budget, the Buffett Rule is more of a line in the sand drawn to differentiate Democrats from Republicans than it is a bill that has any real chance of making a difference in this election year.
— Benjamin Nanamaker, InvestorPlace Money & Politics Editor
The opinions contained in this column are solely those of the writer.
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